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Overall impressions of Quontic Bank

Quontic logo

3.5MoneyWise Rating

The MoneyWise editorial team developed a grading system — taking into consideration fees, yields, perks and other factors — to determine the star rating for this review.

Quontic’s digital banking platform is streamlined and intuitive, making it easy to sign up for any of its products.

The interest on Quontic’s accounts is compounded daily and added to your balance once a month.

There are currently more than 90,000 surcharge-free ATMs in Quontic’s network, although access to physical branches is obviously very limited.

Unless you live in New York, you’ll have to do your banking online or through the Quontic mobile app.

Overall: What’s good

  • Easy online and mobile banking.
  • Interest compounds daily.
  • Over 90,000 free ATMs nationwide.

Overall: What needs work

  • Limited access to in-person banking services.
  • Some accounts require high minimum balances to get the best rates.
  • Does not offer online budgeting tools or calculators.

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Checking accounts

Quontic currently offers two options for checking accounts: High Interest Checking and Cash Rewards Checking.

Both accounts can be opened online in three minutes and come with no monthly service fees.

With the High Interest Checking account you can earn up to 1.01% APY on your balance, which is well above the national average of 0.04% for checking accounts, as determined by the FDIC. Interest on the high-yield account is compounded daily and credited each month.

However, there are a few requirements you’ll have to meet if you want to earn the best APY. You’ll need to make a minimum opening deposit of at least $100, and maintain a balance of no more than $1 million — and a penny.

You’ll also be required to make at least 15 qualifying point-of-sale debit card transactions per billing cycle.

If you fail to meet either of the two requirements, your interest rate will drop to 0.01% APY.

With the Cash Rewards Checking account you can earn up to 1.50% cash back on all qualifying debit card purchases. Your cash-back earnings for the month are credited to your account at the start of each billing cycle.

As with Quontic’s High Interest Checking account, you’ll need to make a minimum opening deposit of $100.

Checking: What’s good

  • Competitive rates.
  • No monthly service fees.
  • Interest compounds daily.
  • Low minimum opening deposit.

Checking: What needs work

  • Failing to meet High Interest Checking requirements results in low APY.
  • Some exclusions on cash-back earnings from Cash Rewards Checking.

Savings accounts

Graffiti-style art inside a Quontic office
Quontic Bank

Quontic provides two savings account options: High Yield Savings and Drawbridge Savings.

As with Quontic’s checking accounts, it takes only three minutes to set up a savings account and there are no monthly service fees.

Both accounts compound interest daily and credit your earnings to your account each billing cycle. The minimum opening deposit for each account is $100.

Quontic’s High Yield Savings account pays 0.55% APY, which beats the FDIC’s national average of 0.05% for savings accounts.

However, you may be able to earn significantly more interest with other top-paying savings accounts.

The Drawbridge Savings account offers a slightly higher APY of 0.50% on balances equal to or less than $250,000. Balances over $250,000 earn just 0.01% APY.

The main benefit of the Drawbridge Savings account is that it helps small businesses that are struggling because of the coronavirus.

Quontic will match the interest you earn on your account and donate it to the #BeTheDrawbridge fund, which provides financial support to small businesses in New York that have been affected by the pandemic.

Savings: What’s good

  • No monthly service fees.
  • Interest compounds daily.
  • Low minimum opening deposit.
  • Opportunity to help small businesses during the pandemic.

Savings: What needs work

  • Lower rates than other high-yield accounts.
  • Drawbridge balances over $250,000 earn low APY.

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Money market account

Quontic’s money market account offers APYs of up to 0.40%, which is competitive with other top-earning money market accounts.

But to earn Quontic’s top APY, you’ll need to maintain a balance of $150,000 or more. Balances between $5,000 and $149,999.99 earn 0.35% APY, and balances under $4,999.99 earn just 0.30% APY.

As with Quontic’s other accounts, you’ll need to make a minimum opening deposit of $100, but there are no monthly service fees and your interest compounds daily.

You can spend the funds in your money market account like you would with a regular checking account, but you can make only six pre-authorized transactions each month. If you exceed this transaction limit, your account may be changed to a checking account.

Money market account: What’s good

  • Competitive APY on balances over $150,000.
  • Interest compounds daily.
  • No monthly service fees.
  • Low minimum opening deposit.

Money market account: What needs work

  • Balances under $150,000 earn lower-than-average APY.
  • Limit of six pre-authorized transactions per month.

Certificates of deposit

As of October 2020, Quontic offers a certificate of deposit (CD) for a one-year term at 0.20% APY, which is slightly higher than the national average of 0.17%.

In order to open a CD, you’ll need to put down a minimum deposit of $500.

You’ll start to earn interest on your CD the day that you open your account, and your interest will be compounded daily.

Once your CD has matured, you’ll have a 10-day grace period to either withdraw your money or renew your CD. If you don’t take action during your grace period, your CD will automatically be renewed for another term.

If you withdraw your CD before it matures, you’ll have to pay a penalty equal to the full interest earned during the entire length of your term, which is much stiffer than the early withdrawal penalty on a one-year CD at many banks.

CD: What’s good

  • Interest compounds daily.
  • CD rates are slightly above average.

CD: What needs work

  • Only one CD term is currently being offered.
  • Severe penalties for early withdrawal.

Is Quontic Bank safe?

Quontic is insured by the Federal Deposit Insurance Corporation (FDIC), like most U.S. banks.

The government insures Quontic’s accounts up to $250,000, so you can rest easy knowing that your money is protected.

The bottom line

Quontic Bank offers several attractive features for a digital bank, including unlimited access to your account online or through the app, no monthly service fees, and a network of over 90,000 free ATMs across the country. Customer service is available via live chat, email, and phone.

Most of Quontic’s accounts come with low minimum deposits and offer daily-compounding interest.

The rate on Quontic’s High Interest Checking account is competitive, but the bank’s rates on savings accounts and CDs aren’t as enticing.

The money market account also offers a competitive rate, but requires a hefty minimum balance of $150,000 if you want to earn the highest APY.

If you prefer to do your banking in person and don’t live in New York City, Quontic’s limited branch access may be a deal breaker.

However, if you’re looking for a digital bank that’s easy to use and offers decent interest on checking, Quontic is a solid option.

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